Alveglen Properties Limited 00702420 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is property investment Digita Accounts Production Advanced 6.30.9574.0 true true 00702420 2022-04-01 2023-03-31 00702420 2023-03-31 00702420 bus:Revised 2023-03-31 00702420 core:OtherReservesSubtotal 2023-03-31 00702420 core:RetainedEarningsAccumulatedLosses 2023-03-31 00702420 core:RevaluationReserve 2023-03-31 00702420 core:ShareCapital 2023-03-31 00702420 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 00702420 core:FurnitureFittingsToolsEquipment 2023-03-31 00702420 bus:SmallEntities 2022-04-01 2023-03-31 00702420 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 00702420 bus:FullAccounts 2022-04-01 2023-03-31 00702420 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 00702420 bus:RegisteredOffice 2022-04-01 2023-03-31 00702420 bus:Director1 2022-04-01 2023-03-31 00702420 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 00702420 core:FurnitureFittings 2022-04-01 2023-03-31 00702420 core:FurnitureFittingsToolsEquipment 2022-04-01 2023-03-31 00702420 countries:AllCountries 2022-04-01 2023-03-31 00702420 2022-03-31 00702420 core:FurnitureFittingsToolsEquipment 2022-03-31 00702420 2021-04-01 2022-03-31 00702420 2022-03-31 00702420 core:OtherReservesSubtotal 2022-03-31 00702420 core:RetainedEarningsAccumulatedLosses 2022-03-31 00702420 core:RevaluationReserve 2022-03-31 00702420 core:ShareCapital 2022-03-31 00702420 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 00702420 core:FurnitureFittingsToolsEquipment 2022-03-31 iso4217:GBP xbrli:pure

Registration number: 00702420

Alveglen Properties Limited



Filleted Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Alveglen Properties Limited

 

(Registration number: 00702420)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

242

282

Investment property

5

150,000

150,000

Investments in joint property syndicates

6

182,129

175,070

 

332,371

325,352

Current assets

 

Debtors

7

22,690

50,560

Cash at bank and in hand

 

114,727

85,806

 

137,417

136,366

Creditors: Amounts falling due within one year

8

(29,591)

(33,525)

Net current assets

 

107,826

102,841

Net assets

 

440,197

428,193

Capital and reserves

 

Called up share capital

4

4

Revaluation reserve

63,164

63,164

Other reserves

77,771

77,771

Profit and loss account

244,258

232,254

Non-distributable reserve

 

55,000

55,000

Total equity

 

440,197

428,193

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Alveglen Properties Limited

 

(Registration number: 00702420)
Balance Sheet as at 31 March 2023

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 20 February 2024 and signed on its behalf by:
 

.........................................
Mr M Neumann
Director

 

Alveglen Properties Limited

 

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
2nd Floor - Parkgates
Bury New Road
Prestwich
M25 0TL
United Kingdom

These financial statements were authorised for issue by the Board on 20 February 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

The financial statements have been prepared under the historical cost convention and in accordance with FRS 105 'The Financial Reporting Standard applicable to the Micro-entities Regime'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Investment in Joint Property Syndicates

Investments in syndicates are accounted for under the equity accounting method.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Alveglen Properties Limited

 

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures & Fittings

15% Reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Alveglen Properties Limited

 

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2022

5,074

5,074

At 31 March 2023

5,074

5,074

Depreciation

At 1 April 2022

4,792

4,792

Charge for the year

40

40

At 31 March 2023

4,832

4,832

Carrying amount

At 31 March 2023

242

242

At 31 March 2022

282

282

5

Investment properties

2023
£

At 1 April 22

150,000

At 31 March 23

150,000

There has been no valuation of investment property by an independent valuer.

The historical cost of the property is £31,836.

 

Alveglen Properties Limited

 

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

6

Investments in joint property syndicates

£

Capital as at 1 April 2022

175,070

Additions

7,181

Surplus/Deficit

16,182

Repayments

(16,304)

At 31 March 2023

182,129

7

Debtors

Current

2023
£

2022
£

Other debtors

22,690

50,560

 

22,690

50,560

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Accruals and deferred income

978

918

Other creditors

27,366

32,206

Corporation tax liability

1,247

401

29,591

33,525